The world is facing an epic drought, the world’s biggest super market is shutting down, and Australian consumers are facing a tax hike.
The latest developments have Australia’s Treasurer and Prime Minister Malcolm Turnbull trying to decide how best to cope with the state of the world economy.
Treasurer Scott Morrison has pledged to “fight” the budget surplus by reducing corporate tax rates.
The Government has also promised a $200 billion infrastructure package, a $100 billion superannuation levy, and $200 million a year in extra funding for Indigenous and community services.
“The Government has put forward a very, very ambitious plan,” Mr Morrison told reporters on Tuesday.
“We will not let our economy go into a tailspin.
We will fight the budget deficit.”
The Treasurer also revealed that the government would spend an extra $2 billion on the NBN, including the $600 million the Coalition promised to provide for the project.
The NBN is being paid for with taxpayer dollars, and is due to be fully operational by July 2020.
Mr Morrison has previously said the NBN is “one of the greatest public investments in Australia’s history”, and that “we should get on with it”.
“The NBN is a key part of the Australian economy, the NBN will be a key piece of the economic recovery of this country,” Mr Turnbull said.
“There are two things we can be very clear about: one is that it’s the right investment for Australia, the other is that we are making it.”
Mr Turnbull also announced an $8 billion extra funding package for Indigenous people and the National Disability Insurance Scheme.
Indigenous people make up the bulk of the Medicare population in Australia, but Mr Turnbull has previously described them as “the backbone of our society”.
The Government is also committed to funding $6 billion a year to help Indigenous and Torres Strait Islander communities through the construction of a new Indigenous health and social services facility.
“This will be the most ambitious Indigenous health facility in Australia,” Mr Hunt said on Tuesday, adding the facility would be built in Victoria.
“It will be one of the most important in Australia.”
The new facility would “provide the best opportunity to bring people into the health sector and into communities”, he said.
The Prime Minister has previously criticised Mr Hunt for not putting more resources into Indigenous health services, and has also previously indicated that the Government was considering a national health system for Indigenous Australians.
The Coalition has also announced that it will cut its carbon emissions by 26 per cent by 2020, and the Coalition has already said it will introduce a $6.2 billion carbon tax to fund its economic policies.
It has also pledged to make $50 billion a week in funding available to Indigenous communities through a new infrastructure fund, and a $10 billion infrastructure levy.
The government has also committed $300 million a month in additional funding to help support Indigenous businesses and businesses with young people.
The Federal Government has promised to increase the age at which Australians can apply for the superannuity, which has been in place since 2001.
The age at application for superannuance is currently set at 75, but a new proposal could increase it to 85.